Exam 52: A: Wills and Trusts

Sherman dies without a will,survived by his granddaughter Roxy and Roxy's brother Pio.Roxy and Pio are Sherman's

In most states,a person must be sixteen years of age to execute a valid will.

Before dying from injuries suffered in an auto accident,Beamer tells his relatives that on his death,Clotilde is to have all of his posses?sions.Beamer has made

Gigi,a twenty-year-old,wants to execute a will before she undertakes a moun?tain-climbing trip on a peak in the Himalaya Mountains.In most states,the legal age for executing a will is

Dieter opens an account for $100,000 at East State Bank.The account pro?vides that its funds,which represent most of Dieter's assets,are held in trust for Flo,the bank employee who opens the account and who re?tains the card required to access it.Less than a year later,Dieter dies,and Flo withdraws the funds.These facts indicate

The assets in Dong's estate,including the value of his home on Elm Street and its contents,are insufficient to pay in full all of the gifts provided for in his will.His heirs will receive

If a trust does not provide for its termination,it will not terminate.

Violet dies without a will.State laws that determine how the estate of Violet,or of any decedent,will be distributed in such a circumstance are known as

A lapsed legacy will occur if the testator predeceases the gift.

Ruby,an elderly woman,is diagnosed with lung cancer.She real?izes her condition may worsen,and that there is a chance that at some point she will become so weak the only way she will be able to breathe is with the help of medical machinery.She does not want to be kept alive in such a "vegetative state." What are Ruby's options?

A holographic will is an oral will.

A gift of personal property other than by will is called a legacy.

To execute a valid will,a testator must remember the "natural objects of his or her bounty."

Once executed,a will cannot be revoked.

Orin creates a living trust to pass his assets,including stock in Petro Oil Company and other business investments,to his heirs.One advantage of this arrangement is that

Per capita is a method of dividing an intestate share of an estate.

Patsy makes a gift of real estate in her will to Quinn.This gift is

Amelia executes a separate written instrument to amend her prior will.This separate document is

An executor is a personal representative named in a will.

A living trust is created or declared in explicit terms.